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What is Property Transfer Tax and do I have to pay it?

November 20, 2009 by  
Filed under Recent News

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  • This tax is charged by the Provincial Government and is collected by your lawyer at closing.
  • Each Province varies as to the amount but it is usually a percentage of the purchase price. For example in British Columbia, the amount the purchaser must pay is 1% of the first $200,000 and 2% of the balance.
  • You are exempt from paying PTT in British Columbia if you have never previously owned a home anywhere. The maximum home price must not exceed $425,000.00 however there is a partial exemption up to $450,000.

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